These days, the Swensen model is often reduced to an asset-allocation decision: hold alternatives.

如今，斯文森模式常常被简化为一个资产配置决策：持有替代方案。

There is no longer an obvious illiquidity premium. But Mr Swensen's point about information remains relevant.

不再存在明显的非流动性溢价。但是斯文森关于信息的观点仍具有意义。

But Swensen alumni have regularly turned up in senior jobs at other endowments.

但斯文森校友也经常在其他捐赠机构担任高级职位。

In other respects Mr Swensen gets too little credit. Starinvestors are generally not good at mentoring others.

而斯文森在其他方面得到的赞扬太少。明星投资者通常不擅长指导他人。

Even this astonishing growth understates Mr Swensen's influence. He was responsible for developing a stream of talented asset managers at Yale.

即便是如此惊人的增长也低估了斯文森先生的影响力。他负责在耶鲁培养出一批优秀的资产经理。

Mr Swensen is given too much credit in one regard. Endowments had a history of innovation before his return to Yale. Harvard's was already changing.

斯文森先生在某一方面受到了过多的赞扬。在他回到耶鲁之前，捐赠基金有一段创新的历史。哈佛的捐赠基金已经发生了变化。

One member warned that there would be " hell to pay" if Yale got it wrong. But Mr Swensen stuck to his guns. The decision stood-and paid off handsomely.

一位成员警告说，如果耶鲁错了，那将会有“地狱般的代价”。但斯文森先生坚持自己的观点。这一决定站稳了脚跟——并且得到了丰厚的回报。

In 1985 Mr Swensen was persuaded by James Tobin, a Nobel-prizewinning Yale economist, to give up a lucrative career on Wall Street to return to his former university to run its investment office.

1985年，在诺贝尔奖得主、耶鲁大学经济学家詹姆斯·托宾的劝说下，斯文森放弃了在华尔街高薪的职业生涯，回到他以前的大学管理其投资办公室。